Company registration number 03791996 (England and Wales)
SCANDIC FOODS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
SCANDIC FOODS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SCANDIC FOODS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
128,774
94,987
Current assets
Stocks
227,339
93,414
Debtors
5
438,669
288,900
Cash at bank and in hand
315,739
495,628
981,747
877,942
Creditors: amounts falling due within one year
6
(543,249)
(354,816)
Net current assets
438,498
523,126
Total assets less current liabilities
567,272
618,113
Creditors: amounts falling due after more than one year
7
(43,334)
(78,392)
Provisions for liabilities
(13,728)
(18,048)
Net assets
510,210
521,673
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
505,210
516,673
Total equity
510,210
521,673

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SCANDIC FOODS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 March 2024 and are signed on its behalf by:
Mr MD Spoor
Director
Company registration number 03791996 (England and Wales)
SCANDIC FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Scandic Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne, United Kingdom, NE2 1TJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates value added tax and other sales taxes.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twelve years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% on reducing balance and 10% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on reducing balance and 20% on reducing balance
Motor vehicles
25% on reducing balance and 33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SCANDIC FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
SCANDIC FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
60,000
Amortisation and impairment
At 1 September 2022 and 31 August 2023
60,000
Carrying amount
At 31 August 2023
-
0
At 31 August 2022
-
0
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2022
17,457
16,464
10,503
113,010
157,434
Additions
-
0
5,891
-
0
68,808
74,699
Disposals
(16,873)
(16,464)
(2,958)
(3,340)
(39,635)
At 31 August 2023
584
5,891
7,545
178,478
192,498
Depreciation and impairment
At 1 September 2022
5,288
10,284
8,829
38,046
62,447
Depreciation charged in the year
1,122
1,609
387
20,318
23,436
Eliminated in respect of disposals
(6,238)
(10,943)
(1,866)
(3,112)
(22,159)
At 31 August 2023
172
950
7,350
55,252
63,724
Carrying amount
At 31 August 2023
412
4,941
195
123,226
128,774
At 31 August 2022
12,169
6,180
1,674
74,964
94,987
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
427,010
272,098
Other debtors
7,228
2,503
Prepayments and accrued income
4,431
14,299
438,669
288,900
SCANDIC FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
20,000
20,000
Obligations under finance leases
15,059
18,070
Trade creditors
444,376
216,271
Corporation tax
49,720
64,709
Other taxation and social security
6,836
756
Other creditors
-
0
3,070
Accruals and deferred income
7,258
31,940
543,249
354,816
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
43,334
63,333
Obligations under finance leases
-
0
15,059
43,334
78,392
8
Financial commitments, guarantees and contingent liabilities

The amount of financial commitments, guarantees and contingencies not included in the balance sheet as at 31 August 2023 is £Nil (2022 £4,538).

9
Directors' transactions

Dividends totalling £145,000 (2022 - £133,000) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
John Warwick
-
-
1,628
1,628
Mark Spoor
-
-
5,446
5,446
-
7,074
7,074
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